Trade of the Day: Sonus Networks (SONS)

For such a cheap stock, it has a lot of near-term upside potential.

Communications tech stock Sonus Networks (SONS) is in a bullish setup is in a pullback channel and, based on the technicals, it looks like it’s going to bust out of that pullback channel.

Like a lot of stocks, SONS has come back in with the 7% market decline in recent weeks, so it’s offering an attractive entry price in its current $3 range. It’s chart is telling me it has the potential to move to the $5.00 area during the summer.

InvestorPlace advisor John Lansing tracks the charts all day and offers expert technical analysis in hisday trading, options and trading services: Power Trading at the Open, Parabolic Options andTrending123. Trending123 members receive access to the Trending123 Pattern Scan powered by Recognia free as part of their membership.

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